Caledonia Mine profit after tax for 1 quarter increases by 19%

Posted
15 Nov 2016
by Maveriq

Caledonia Mining Corporation has posted $1,8 million in profit after tax from for the 3 months up to September 30. This is a 19% increase from the previous $1, 5 million and this is based on increased productivity as well as better commodity prices on the world market.

In a statement chief executive Steve Curtis said:

We continue to see the benefits of our investment in the mine over the past two years. As we approach the middle of the investment programme at Blanket, we are increasingly confident that the growth in production and declining cost trends will continue as we ramp up production to 80 000 ounces by 2021

Delivering increased ounces at a lower unit cost, into a stronger gold price, has resulted in adjusted earnings per share for the third quarter that are 59 per cent higher than quarter three of 2015.